This client briefing discusses a Court of Final Appeal’s decision concerning the application of section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance.
Includes developments in relation to: ESG; CRR; COVID-19; IFPR; Basel III; Securitisation Regulation; LIBOR; and EMIR.
Click on the headings below to access each section:
HEADLINES
With the global economic downturn, businesses may begin to show signs of insolvency. Indeed, we have seen an increasing number of applications for compulsory winding-up processed by Hong Kong courts.
着全球经济陷入低迷，企业无力偿债的迹象开始浮现。事实上，我们看到香港法院处理的强制清盘申请数目正在增加。
若您是债权人一方，当您的债务人无法还款时，很自然地您会考虑应采取哪些行动。如果债务人是离岸公司，情况或会变得复杂。近期有数宗个案涉及在香港联交所上市的公司，其注册地位于其他司法管辖区，而资产和主要业务则位于中国內地。这些个案显示，债权人在处理拥有类似分层架构的公司时需要考虑一些重要问题。这份客户简报就这些问题和应考虑的事项进行讨论。
将一家公司清盘
如您的债务人无法还款，您会开始考虑各种选项，而选项之一可能是将该公司清盘。然而，在展开有关行动前，您应该先评估一些事项。
在香港进行清盘
债务人能否就债务提出有实质理由的争辩？
在对债务人公司进行清盘时，您会以债务人无力偿还债务作为理由1，而常见用以支持这个理由的依据是债务人在收到法定要求偿债书后三个星期内仍未能清偿债务。
The merger of Premier Oil plc (“Premier”) and Chrysaor Holdings Limited (“Chrysaor”) completed on 31 March 2021, with Premier’s shares being readmitted to trading the following day under the new name of Harbour Energy plc. Harbour Energy is now the largest independent oil and gas company listed on the London Stock Exchange with combined production of over 250 kboped.
The fallout from the COVID-19 pandemic has seen some well-established and high profile names, particularly on the British high street, enter into UK insolvency processes. Debenhams, Arcadia, Laura Ashley, Oasis, Warehouse and Jaeger are just some of the big names that have collapsed into administration over the past year. Another thing that all of these brands have in common is that they were bought out of administration by investors looking to uncover their underlying value and restore them to their former glory.
Current market uncertainties related to the Covid-19 pandemic will lead to the insolvency of a number of companies, some of which may feature in your supply chain. It is a timely reminder that when entering into future strategic commercial arrangements with key suppliers (or as part of renegotiating existing ones), how you address the risk of supplier insolvency will be critical. We have prepared a short briefing identifying some of the key considerations and practical remedies (aside from termination) that can help mitigate this risk.
Contacts
Government intervention in the commercial letting market, in response to COVID-19, has continued with the Corporate Insolvency and Governance Act 2020 becoming law on 25 June.
We have updated our June briefing on remedies for unpaid rent to reflect the recent legislative changes, including the extension of the temporary prohibition on forfeiture.
The Act makes significant permanent reforms to our restructuring and insolvency regime and also contains temporary measures designed to mitigate some of the economic and practical challenges of COVID-19. In this update we provide a brief overview of the key restructuring and insolvency measures introduced by the Act.
Generational Insolvency Reform restricts ispo facto provisions and pre-existing termination rights